102 South Florida Multifamily Units Sold in Three Simultaneous Transactions
- Feb 12, 2014
Franklin Street Services recently brokered the sale of Jaclyn Apartments in Hialeah, part of Garden View in Miami, and a 10-unit Hollywood Beach community. The total of 102 units changed hands for a total of $8.25 million. The team representing the sellers in the transactions comprised of Franklin Street brokers Deme Mekras, Elliot Shainberg and David Reinke.
Franklin Street Services is a full-service commercial real estate firm with offices in Tampa, Atlanta, Miami and Jacksonville. Focused mainly on delivering value-added solutions, its operation is segmented into Real Estate, Capital, Insurance and Management divisions.
The Haileah community is located at 1315 and 1345 West 29th Street and features 72 units in two buildings. The Panamanian investor who bought the complex paid Jaclyn LRP $84,027 per unit, $6.05 million combined.
In Miami, 20 of Garden View’s 68 condominium units were sold. Franklin state represented both the seller, Unique Yidios LLC, and the buyer, Fly Away 2012 LLC. The latter was from Buenos Aires, Argentina and purchased the properties all cash, for $1.05 million or $52,500 per unit in other words.
Just a block from the Atlantic Ocean and within a half-mile of the Margaritaville Hollywood Beach Resort in Broward County, the 10-unit apartment building at 343 Van Buren Street on Hollywood Beach was sold for $1.15 million, $115,000 per unit. Van Buren Holdings Inc. purchased the community, backed by a foreign investor who also paid in cash. Franklin Street represented the seller, 720 Property LLC.
Merkas is optimistic regarding South Florida multifamily sales in the near future, anticipating strong demand through the year to come.
“We’re still seeing a lot of cash buyers from overseas who see a lot of opportunity here and regard U.S. real estate as a safe haven for capital. Many of them are coming from highly unstable economies and, as a result, often see greater value in our property than local investors,” he says.
Photo credits: Franklin Street